Good now revolutionaries—Will and Alex close out the week from home with a compressed Thursday show before Will heads to a mountain cabin for his 12th anniversary. The whole hour is essentially a master-class on revenue buyback policies: Sky Protocol just temporarily dropped its buyback rate from 87% to 7.5% for three months to cushion the USDS stablecoin reserve, with a planned return to 25% (still aggressive at $46M/year on current revenue). Will's full leaderboard: Hyperliquid leads at ~$1.1B/year in buybacks, Uniswap will land at $100-300M when its policy fully rolls out, Pump.fun at ~$71M/year (though the token has tanked anyway), Jupiter and Raydium at ~$50M each (also haven't recovered).

Aave correction worth noting: Aave HAS had a buyback policy (40-50% of protocol revenue, capped at $50M annual), but it was paused April 4 after the RS-ETH/KelpDAO exploit and remains paused pending full resolution. Watch for that to unpause any day now. Plus: Dr. Nick Almond confirmed JTX (Jito's trading engine, launching next month) will direct 80% of revenue to buying back JTO — token already pumped 100%+ on the announcement.

The Pengu/Igloo IPO threat lands as Will's most provocative take of the morning: if Luca takes Igloo public, the meme coin gets cannibalized. "Why would you buy Pengu when you could get actual partial ownership in the parent company?" Unless utility or aggressive buyback gets bolted onto Pengu, the IPO is the death sentence. Same logic applied forward to Hyperliquid when 24/7 perps land on every centralized exchange.

Plus: a quick XRP-vs-stablecoins teardown ("yes, stablecoins make XRP dead — next question"), the Genius Act framing and how Clarity is meant to shoehorn everyone into centralized options, an honest Stellar (XLM) take with the Lindsay Posse departure from SDF context, a worry-don't-celebrate read on the DTCC pump for STX, and Trump's six-hour Iran flip-flop between "deal close" and "we're bombing Karg Island."

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